American companies don't want a trade war with China, says Bob Hormats

Former Assistant Secretary of State, Bob Hormats, on the U.S. trade deficit with China and how trade imbalances can be resolved.

Former Assistant Secretary of State Bob Hormats on Wednesday explained why American companies don’t want the United States to become involved in a trade war with China.

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“American companies do not want a trade war with China. They want the United States to take an assertive position, but they have a big market in China. For many of these companies.... the China market is growing,” he told FOX Business’ Bob Hormats.

Over the past decade, the annual U.S. trade deficit with China has averaged roughly $300 billion, according to the U.S. Census Bureau.

The Kissinger Associates Vice Chairman also discussed why China has a trade surplus over the United States.